Exhibit 10.1
EMPLOYMENT
AGREEMENT
This EMPLOYMENT AGREEMENT (this “
Agreement ”), is made and entered into effective as of
February 9, 2009 (the “ Effective Date ”), by
and between Waste Connections, Inc., a Delaware corporation (the
“ Company ”), and Rick Wojahn (the “
Employee ”).
The Company desires to engage the services and
employment of the Employee for the period provided in this
Agreement, and the Employee is willing to accept employment by the
Company for such period, on the terms and conditions set forth
below.
NOW, THEREFORE , in consideration of the premises and the
mutual covenants and conditions herein, the Company and the
Employee agree as follows:
1.
Employment; Acceptance. The Company hereby
employs the Employee and the Employee hereby accepts employment by
the Company on the terms and conditions hereinafter set
forth.
2.
Duties and Powers. The Employee is hereby
employed as Vice President – Business Development, and,
during the Term, the Employee shall devote Employee’s
attention, energies and abilities in that capacity to the proper
oversight and operation of the Company’s business, to the
exclusion of any other occupation. As Vice President –
Business Development, the Employee shall report to the Senior Vice
President – Sales and Marketing of the Company, shall be
based at the Company’s corporate headquarters in California,
and shall be responsible for oversight and execution of the
Company’s acquisition program. The Employee shall
perform such other duties as the Senior Vice President –
Sales and Marketing, the Chief Executive Officer of the Company or
the Board of Directors (the “ Board ”) of the
Company may reasonably assign to the Employee from time to
time. The Employee shall devote such time and attention to
Employee’s duties as are reasonably necessary to the proper
discharge of Employee’s responsibilities hereunder. The
Employee agrees to perform all duties consistent with:
(a) policies established from time to time by the Company; and
(b) all applicable legal requirements.
3.
Term. The employment of the Employee by the
Company pursuant to this Agreement shall commence on the Effective
Date and continue until the third anniversary thereof (the “
Term ”) or until terminated prior to such date when
and as provided in Sections 7 and 8. On each anniversary
of the Effective Date, this Agreement shall be extended
automatically for an additional year, thus extending the Term to
three (3) years from each such date, unless either party shall have
given the other notice of termination hereof as provided
herein.
4.1
Base Salary. Commencing on the Effective Date,
the Company hereby agrees to pay to the Employee an annual base
salary of One Hundred Seventy-Five Thousand Dollars
($175,000). When used herein, “ Base Salary
” shall refer to the base salary described in the preceding
sentence that is in effect at that time, and as may be increased
from time to time. Such Base Salary shall be payable in
accordance with the Company’s normal payroll practices, and
such Base Salary is subject to withholding and social security,
unemployment and other taxes. Increases in Base Salary
shall be considered by the Board and/or the Chief Executive
Officer.
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Employment Agreement:
RICK WOJAHN
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4.2
Performance Bonus . For the calendar year
commencing January 1, 2009, and for each calendar year thereafter
, the Employee shall be eligible to receive an annual cash
bonus (the “ Bonus ”) based on the
Company’s attainment of reasonable financial objectives to be
determined annually by the Board, as well as Employee’s
achievement of agreed upon goals annually. The annual
Bonus target will equal forty-five percent (45%) of the applicable
year’s beginning Base Salary and will be payable if the Board
determines, in its sole and exclusive discretion, that that
year’s financial objectives have been fully
met. The Bonus shall be paid in accordance with the
Company’s bonus plan, as approved by the Board, and, in any
event, within two and a half (2 1/2) months after the end of the
fiscal year to which the bonus relates.
4.3
Equity Grants . Employee shall be entitled to
participate in Stock Option, Restricted Stock, RSU and other equity
incentive programs presently in effect or in effect from time to
time in the future on such terms and to such level of participation
as the Board or the Compensation Committee of the Board shall
determine to be appropriate, bearing in mind the Employee’s
position and responsibilities.
Except as otherwise provided herein, the terms
of any Options, Restricted Stock, RSUs and other equity incentives
shall be governed by the relevant plans under which they are
granted and described in detail in applicable agreements between
the Company and the Employee.
4.4
Other Benefits. The Company shall provide the
Employee with a cellular telephone and will pay or reimburse the
Employee’s monthly service fee and costs of calls
attributable to Company business. The Employee shall be
entitled to paid annual vacation, which shall accrue on the same
basis as for other employees of the Company of similar rank, but
which shall in no event be less than four (4) weeks for any twelve
(12) month period. The Employee also shall be entitled
to participate, on the same terms as other employees of the Company
participate, in any medical, dental or other health plan, pension
plan, profit-sharing plan and life insurance plan that the Company
may adopt or maintain, any of which may be changed, terminated or
eliminated by the Company at any time in its exclusive
discretion.
5.
Confidentiality . During the Term of
Employee’s employment, and at all times thereafter, the
Employee shall not, without the prior written consent of the
Company, divulge to any third party or use for Employee’s own
benefit or the benefit of any third party or for any purpose other
than the exclusive benefit of the Company, any confidential or
proprietary business or technical information revealed, obtained or
developed in the course of Employee’s employment with the
Company and which is otherwise the property of the Company or any
of its affiliated corporations, including, but not limited to,
trade secrets, customer lists, formulae and processes of
manufacture; provided, however, that nothing herein contained shall
restrict the Employee’s ability to make such disclosures
during the course of Employee’s employment as may be
necessary or appropriate to the effective and efficient discharge
of Employee’s duties to the Company.
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Employment Agreement:
RICK WOJAHN
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6.
Property. Both during the Term of
Employee’s employment and thereafter, the Employee shall not
remove from the Company’s offices or premises any Company
documents, records, notebooks, files, correspondence, reports,
memoranda and similar materials or property of any kind unless
necessary in accordance with the duties and responsibilities of
Employee’s employment. In the event that any such
material or property is removed, it shall be returned to its proper
file or place of safekeeping as promptly as
possible. The Employee shall not make, retain, remove or
distribute any copies, or divulge to any third person the nature or
contents of any of the foregoing or of any other oral or written
information to which Employee may have access, except as disclosure
shall be necessary in the performance of Employee’s assigned
duties. On the termination of Employee’s
employment with the Company, the Employee shall leave with or
return to the Company all originals and copies of the foregoing
then in Employee’s possession or subject to Employee’s
control, whether prepared by the Employee or by others.
7.1
For Cause. The Company, by action of the Board,
may terminate this Agreement and the Employee’s employment
for Cause (as defined below) on delivery to the Employee of a
Notice of Termination (as defined in Section 9.1
below). On such termination for Cause, the Employee
shall be entitled only to the Employee’s Base Salary through
the date of such termination, and shall not be entitled to any
other compensation, including, without limitation, any severance
compensation. Without limitation of the foregoing, on
termination pursuant to this Section 7.1, the Employee shall
forfeit: (i) Employee’s Bonus under Section 4.2 for the
year in which such termination occurs; and (ii) all outstanding but
unvested options and rights relating to capital stock of the
Company and all RSUs and shares of the Company’s restricted
stock issued to the Employee that as of the termination date are
still unvested and subject to restrictions on transfer.
7.2
Without Cause. The employment of the Employee
may be terminated without Cause at any time by the Company on
delivery to the Employee of a written Notice of Termination (as
defined in Section 9.1). In the event of such a
termination without Cause pursuant to this Section 7.2 that
constitutes Employee’s Separation From Service (as defined in
Section 9.3), then on the Date of Termination (as defined in
Section 9.2) pursuant to this Section 7.2, the Company shall,
in lieu of any payments under Section 4.1 and 4.2 for the remainder
of the Term, pay to the Employee an amount equal to the lesser of:
(a) the Employee’s Base Salary for a period of one (1) year
from the date of termination, and (b) the Employee’s Base
Salary for the remainder of the Term. In addition, the
Employee shall be entitled to the pro-rated target Bonus available
to the Employee under Section 4.2 for the year in which the
termination occurs, taking into account the bonus categories and
weighting under the Company’s bonus plan and the
Company’s and Employee’s achievement thereunder as of
the Date of Termination. Such payment by the Company
shall be paid in accordance with the Company’s normal payroll
practices and not as a lump sum payment. In addition,
the Company will pay as incurred the Employee’s expenses, up
to Fifteen Thousand Dollars ($15,000), associated with career
counseling and resume development. The Company shall
also pay to the Employee an amount equal to the Company’s
portion (but not the Employee’s portion) of the cost of
medical, dental and other health plan insurance for Employee,
Employee’s spouse and Employee’s children at the rate
in effect on the Date of Termination for a period of one (1) year
from the Date of Termination. In addition, on
termination of the Employee under this Section 7.2, all of the
Employee’s outstanding but unvested options and rights
relating to capital stock of the Company shall immediately vest and
become exercisable, and all RSUs and shares of the Company’s
restricted stock issued to the Employee shall immediately vest and
become unrestricted and freely transferable. The
exercisability of any such options and rights shall be extended to
the earlier of (A) the expiration of the term of such options and
rights or (B) the first (1 st )
anniversary of the Date of Termination. The Employee
acknowledges that extending the exercisability of any incentive
stock options pursuant to this Section 7.2 or Sections 7.3 or 7.4
below, could cause such option to lose its tax-qualified status if
it is an incentive stock option under the Internal Revenue Code of
1986, as amended (the “ Code ”) and agrees that
the Company shall have no obligation to compensate the Employee for
any additional taxes he incurs as a result.
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Employment Agreement:
RICK WOJAHN
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7.3
Termination on Disability . If during the Term
the Employee should fail to perform Employee’s duties
hereunder on account of Disability, the Company shall have the
right, on written Notice of Termination delivered to the Employee,
to terminate the Employee’s employment under this
Agreement. During the period that the Employee shall
have been incapacitated due to physical or mental illness, the
Employee shall continue to receive the full Base Salary provided
for in Section 4.1 hereof at the rate then in effect until the Date
of Termination pursuant to this Section 7.3. In the
event of Employee’s termination for Disability pursuant to
this Section 7.3 that constitutes Employee’s Separation from
Service, then on the Date of Termination, the Company shall pay to
the Employee the payments and other benefits applicable to
termination without Cause set forth in Section 7.2 hereof, other
than those related to career counseling and resume
development. The Company shall also pay, on behalf of
the Employee, an amount equal to the Company’s portion (not
the Employee’s portion) of the cost of medical, dental and
other health plan insurance for Employee, Employee’s spouse
and Employee’s children at the rate in effect on the Date of
Termination for a period of one (1) year from the Date of
Termination. In addition, on such termination, all of
the Employee’s outstanding but unvested options and rights
relating to capital stock of the Company shall immediately vest and
become exercisable, and all RSUs and shares of the Company’s
restricted stock issued to the Employee shall immediately vest and
become unrestricted and freely transferable. The
exercisability of any such options and rights shall be extended to
the earlier of (A) the expiration of the term of such options or
rights or (B) the first (1 st )
anniversary of the Employee’s termination.
7.4
Termination on Death . If the Employee shall die
during the Term, the employment of the Employee shall thereupon
terminate. On the Date of Termination pursuant to this
Section 7.4, the Company shall pay to the Employee’s estate
the payments and other benefits applicable to termination without
Cause set forth in Section 7.2 hereof, other than those related to
career counseling and resume development. In addition,
on termination of the Employee under this Section 7.4, all of the
Employee’s outstanding but unvested options and rights
relating to capital stock of the Company shall immediately vest and
become exercisable, and all RSUs and shares of the Company’s
restricted stock issued to the Employee shall immediately vest and
become unrestricted and freely transferable. The
exercisability of any such options and rights shall be extended to
the earlier of (A) the expiration of the term of such options or
rights or (B) the first (1 st )
anniversary of the Employee’s termination. The
provisions of this Section 7.4 shall not affect the entitlements of
the Employee’s heirs, executors, administrators, legatees,
beneficiaries or assigns under any employee benefit plan, fund or
program of the Company.
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Employment Agreement:
RICK WOJAHN
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7.5
No Limitation on Company’s Right to Terminate.
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